A new report from the University of Southern California and the Los Angeles Business Council warns that the high cost of housing in Los Angeles is making it harder for employers there to attract and retain high performers. Business Insider outlines the report’s findings:

For the study — which was led by Raphael Bostic, a USC Price School of Public Policy Professor and the newly appointed head of the Atlanta Federal Reserve — USC surveyed 14 of Los Angeles’ largest employers, which account for nearly 200,000 jobs in the region. Nearly 60% of the employers say Los Angeles’ high cost of living impacts employee retention, with 75% naming housing costs as a specific concern, according to the survey results. Further, 10 employers (71%) view high housing costs as “a barrier” to hiring new mid- and upper-level employees. …

Southern California’s real estate market has been red hot for a few years now, thanks to low mortgage rates, a strengthening economy, and dwindling home supply. Zillow pegs the median home value in Los Angeles at $616,900 and the median rent at about $2,860. That’s compared to $195,700 and $1,500 for the US as a whole.